AIG To Buy Renewal Rights For Majority Of Everest Group's Retail Insurance Portfolios Worldwide

Everest Reinsurance Group

262.68 CHF 0.58%

• Charts
• News
• Analysen

Kaufen Verkaufen

(RTTNews) - Everest Group, Ltd. (EG), Monday said it has reached a deal to sell the renewal rights for its Global Retail Commercial Insurance business to American International Group, Inc. (AIG).

As part of the transactions, AIG will obtain all the rights to renew Everest's U.S., U.K., European, and Asia Pacific Commercial Retail businesses. The renewal rights of these businesses total an estimated $2 billion of aggregate gross premiums written. The transactions will result in meaningful total value to Everest including significant capital which will be released over time.

"Today's strategic action results in a more focused, higher-performing Everest," said Jim Williamson, Everest President and Chief Executive Officer. "The transactions offer clear opportunity to unlock long-term value for both Everest and AIG. Going forward, Everest will be optimally positioned to respond to evolving market needs while building on our track record of sustainable financial returns over the long term."

As part of these transactions, Everest has introduced a new operating structure for its insurance division focused on its Global Wholesale and Specialty Insurance businesses.

Terms of the agreements were not disclosed. Other than in the European Union, AIG expects to commence writing policies for existing Everest clients on January 1, 2026. The company expects to expand this work to Everest's European Union portfolios in the first quarter of 2026, subject to regulatory approvals.